While sitting in my classes last week, I can’t help but notice several computer screens in front of me were all defaulted to Apple’s new Ipod website. Apple recently released their latest revision of Ipod Touch, and like every Apple product, it’s received nothing but praise and hype. This trend has been happening for several years now. In fact, Apple has always had a way to market their products in a way that consumers are able to identify them in a different category, even though most products they sell are direct competitions to many identical and cheaper alternatives that consumers don’t typically think about.
Then I started to think to myself, how can a company who overcharges their product and overhypes their technology be so successful? How can their simple and plain ads be so effective at capturing a consumer’s attention and needs? As I thought more about it, I started doing more secondary research.
As part of my research, I found an interesting blog that talks about a similar topic, “Marketing Apple: Secrets of the World’s Best Marketing Machine“. Through this blog, I found out that Apple is now the world’s second largest company (in terms of valuation) behind Exxon. How were they able to achieve this? The author of this blog states:
A lot of that has to do with mindshare. And Apple has earned mindshare to spare.
And I couldn’t agree more!
To me, I think that is what Apple succeeds in areas that companies like Microsoft do not is that although they have not earned the majority of product market share, they have earned the majority of product mind share. And in the business world, mind share is what causes stock prices to go up due to all the interest and buzz about the company. The value of mind share is therefore more valuable than the value of market share. To me, market share is set in the present, but mind share is focused towards the future direction of the product/company.
Companies such as Apple, Coca Cola, and Nike are perfect examples to why I feel marketing to be so interesting and important. Even if a company owns the most amazing product/idea, without effective marketing and promotion, they can never reach their true potential. I realized that the answer to every question I had were pointing in the same direction: Apple’s marketing team, and the guru leading the pack, Steve Jobs. I will talk more about Steve Job’s marketing genius in next week’s blog.